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The Blackstone Group Inc. (BX) is a leading global investment business that invests capital on behalf of pension funds, large institutions, and individuals with about $619 billion in assets under management, as of December 31, 2020.
The company generates income from management and advisory fees, incentive fees, and investments with a portfolio that’s divided into real estate ($187 billion), private equity ($198 billion), hedge fund solutions ($79 billion), and credit and insurance ($154 billion).
Investment income and management fees accounted for most of its revenue during the fourth quarter of 2020 at 49% and 45% of revenue, respectively.
The Blackstone Group reported fourth quarter revenue that rose 56% to $2.8 billion, beating consensus estimates by $520 million, along with GAAP earnings of $1.07 per share, beating consensus estimates by 16 cents.
Management attributed the strong performance to a 15% increase in assets under management and strong private equity performance. In particular, corporate private equity saw a 10.6% gain, tactical opportunities saw an 11.3% gain and secondaries saw a 9.4% gain. Fee related earnings also rose 32% over the prior year.
The company raised its quarterly dividend by 77.8% to $0.96 per share, which represents a 5.92% forward yield. The dividend is payable on February 16, 2021 to shareholders on record as of February 8, 2021.
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